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A helpful primer for those who haven’t been following too closely:

Q. This sounds like an odd system. Do you mean that Congress can pass a budget that requires borrowing, and then argue later about whether to approve that borrowing?

A. That’s right. The system goes back to World War I, when Congress first put a limit on federal debt. The limit was part of a law that allowed the Treasury to issue Liberty Bonds to help pay for the war. The law was intended to give the Treasury greater discretion over borrowing by eliminating the need for Congress to approve each new issuance of debt. Over the years the limit has been raised repeatedly, to $14.3 trillion today from roughly $43 billion in 1940. But outside observers have noted that the failure to make increases in the debt limit part of the regular budget process can be risky.

 

Hoiuse Speaker Nancy Pelosi

Photo by vpickering/ CC BY-NC-ND 2.0

Reprinted with permission from DailyKos

Appearing on ABC's This Week, House Speaker Nancy Pelosi honored the late Justice Ruth Bader Ginsburg by aptly describing her as a "brilliant brain" on the Supreme Court, reminded people that it's absolutely imperative to get out and vote this November, and the ongoing importance of battling the novel coronavirus pandemic. On the subject of the vacant Supreme Court seat, the Democrat from California didn't rule out launching an impeachment inquiry of Donald Trump (for the second time) or Attorney General Bill Barr, which would delay the Senate's ability to confirm a Supreme Court nominee of Trump's, either.

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